Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
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- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2010
- Total Asset Turnover since 2010
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General Motors Co., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The common-size income statement reveals significant fluctuations in General Motors’ profitability and cost structure over the analyzed period, spanning from March 2021 to December 2025. Automotive net sales and revenue are consistently represented at 100%, allowing for a clear view of all other items as a percentage of revenue. A notable trend is the increasing cost of sales, particularly evident in the later periods, which significantly impacts gross margin.
- Gross Margin
- The automotive and other gross margin demonstrates considerable volatility. It began at 13.60% in March 2021, decreased to a low of 5.82% in December 2021, and then recovered to a high of 13.30% in March 2024. However, it experienced a sharp decline in the final quarter of 2024, falling to -4.21% in December 2025. This suggests increasing pressure on production costs or pricing challenges in recent periods.
- Cost of Sales
- Automotive and other cost of sales as a percentage of net sales generally increased over the period. Starting around -86.40% in March 2021, it rose to -104.21% in December 2025. This substantial increase directly correlates with the declining gross margin and indicates a growing proportion of revenue is consumed by the cost of producing goods.
- GM Financial Performance
- GM Financial’s contribution to overall revenue fluctuates, beginning at 11.72% and decreasing to 8.23% by September 2022, before rising again to 10.49% in December 2025. The related expenses, however, consistently represent a significant portion of revenue, ranging from -6.16% to -9.01%. This suggests a stable, but substantial, contribution from the financial arm, with relatively consistent expense ratios.
- Operating Income
- Operating income as a percentage of net sales mirrors the trends in gross margin, exhibiting volatility. It peaked at 11.27% in March 2021, declined to 2.34% in December 2021, and then rose to 9.53% in March 2024. A significant drop is observed in the final quarter of 2024, reaching -8.90% in December 2025, driven by the increased cost of sales and potentially other factors.
- Net Income
- Net income attributable to stockholders follows a similar pattern to operating income. It started at 10.40% in March 2021, decreased to 5.02% in December 2021, and peaked at 7.60% in March 2024. The final quarter of 2024 shows a substantial decline, resulting in a negative net income of -8.16% in December 2025. This indicates a significant deterioration in overall profitability in the most recent period.
- Interest and Other Income
- Interest income and other non-operating income, net, generally contributes positively to income before taxes, ranging from approximately 0.87% to 3.42%. However, its impact is relatively small compared to the fluctuations in gross margin and operating income. Equity income (loss) also shows variability, with a negative impact in some periods, most notably December 2025.
- Tax Impact
- The income tax expense/benefit fluctuates, sometimes representing a significant percentage of revenue, particularly in the earlier periods. The benefit observed in December 2025, at 2.41%, partially offsets the substantial net loss, but is insufficient to prevent a negative bottom line.
In summary, the company experienced fluctuating profitability throughout the analyzed period. While periods of strong performance were observed, the most recent quarter (December 2025) demonstrates a significant decline in gross margin, operating income, and net income, primarily driven by a substantial increase in the cost of sales. This warrants further investigation into the underlying causes of these cost increases and their potential impact on future performance.